by S. David Promislow
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Product Description
Actuarial work is the application of mathematics and statistics to the analysis of financial problems in life insurance, pensions, general insurance and investments. This unique introduction to the topic employs both a deterministic and stochastic treatment of the subject. It combines interest theory and life contingencies in a unified manner as well as covering basic risk theory. Fundamentals of Actuarial Mathematics presents the concepts in an original, accessible style, assuming a minimal formal background.
* Provides a complete review of necessary probability theory.
* Covers the Society of Actuaries' syllabus on Actuarial Models.
* Orders the topics specifically to facilitate learning, beginning with the simplest case of the deterministic discrete model, and then moving to the more complicated stochastic, continuous models.
* Employs modern calculation and computing techniques, such as spreadsheets.
* Contains a variety of exercises, both computational and theoretical.
* Supported by a website featuring exercises and further examples.
* Written by a highly respected academic with over 35 years teaching experience.
This book will be invaluable to senior undergraduate and graduate students, as well as actuarial professionals working in the life insurance or pension fields. Applied mathematicians and economists will also benefit greatly from the clear presentation and numerous examples.
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Average Customer Review:
0 of 2 people found the following review helpful:
 Excelent Handbook, 2008-07-22
This is an excelent handbook for any who seek an introduction of the Actuarial Math's.
0 of 0 people found the following review helpful:
Good introduction to the topic, 2008-05-02
Before buying this book I had never had any exposure to actuarial mathematics. I was looking for a good introduction that would fit my mathematical skills (PhD Economist feeling comfortable with applied mathematics but lacking the training in mathematical to do proofs or anything similar). Promislow's book fully met my expectations and increased my interest for the subject. In fact I have purchased more books since.
It is true that the title is a little misleading as the book's primary topic is life insurance. However, there are three or four chapter dealing with risk theory providing a good introduction. What I found best in this book are the numerous exercises with answers in the back of the book. This allowed me to test my understanding of the subject and also what is important in each chapter. In some chapters it is not straightforward to see where the author is heading, however, the exercises compensated very well for this.
All in all I can warmly recommend this book to anyone who has a good background in mathematical economics at the level of Varian (Microeconomic Analysis) and who wants to get a good introduction into the topic.
2 of 2 people found the following review helpful:
 An adequate book for beginners., 2008-01-07
The problem with Life Insurance mathematics is that there are very few really good books on the topic. This book does little to alleviate this situation. Inspite of its title, "Fundamentals of Actuarial Mathematics" is essential a text book on Life Insurance mathematics. Of its 372 pages, 243 are devoted to Life Insurance mathematics (the remaining pages focussing on risk theory, in particular compound distributions, Markov chains, Poisson processes and ruin models, all of which are usually considered in the context of property and casualty or general insurance).
The explanations in the book are easy to understand and a reasonable number of worked examples and exercises are provided (with answers to the exercises given at the end of the book). However, at the same time, the explanations lack depth and the text book stops short of covering many of the more advanced topics in Actuarial Mathematics (such as increasing insurance policies and bonuses).
This is an adequate book for beginners and would be appropriate as a first text in Actuarial Mathematics. However, more advanced students are likely to find this book to be lacking.
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